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Canada Law

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Looking to purchase a home. Income is high credit is low (in…

Customer Question

Looking to purchase a home...

Looking to purchase a home. Income is high credit is low (in the process of disputing errors on credit bureau). Want to know if my mother signs as guarantor will that affect her ability to purchase a new home in the next year?

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

Unfortunately it could. If the bank asks about other liabilities she will have to disclose this and then they will consider the amount of your mortgage as well.

On the other hand if she is not going to be buying the house on her own then it may not matter.

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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Customer reply replied 1 year ago

My mom is retired and my dad has a substantial income as well. They have substantial equity in their home now as well. As a guarantor would my entire mortgage be considered their debt as well? Or would in the eyes of a lender would they be considered just responsible for the payments?

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.